Semiconductor chokepoints define U.S.-China rivalry The Japan Times

来源：金十数据 高盛集团表示，各国央行预计将加大 黄金 购买力度，帮助金价在年底前回升。 高盛分析师莉娜·托马斯（Lina Thomas）和丹·斯特鲁文（Daan Struyven）在5月15日的一份报告中指出，预计2026年央行的黄金购买量将回升至平均每月60吨。根据修订后的累积估算框架，3月份购买的12个月移动平均值为50吨，高于此前的29吨。 分析师援引一项内部调查表示，各国央行“对黄金有着强烈的基础性需求，而且近期地缘政治事态发展可能会随着时间推移进一步强化其多元化配置”。 自中东战争爆发以来，黄金一直走势艰难，因为能源成本上升加剧了全球通胀压力，使得央行放松政策的可能性降低。在冲突看不到尽头的情况下，全球债券市场遭遇抛售，给不产生收益的黄金带来了压力。 高盛对官方部门活动的评估，紧随世界黄金协会（World Gold Council）的乐观评估之后。该协会估计，第一季度央行购买量为244吨，高于此前三个月的208吨。 周一现货黄金交易价格接近每盎司4534美元，而1月底创下的纪录高点略低于5600美元。高盛维持看涨目标，预计金价将在今年年底前攀升至每盎司5400美元。此前，瑞银（UBS）、澳新 银行 （ANZ）等机构也相继发布了类似看涨预测。 瑞银称年底黄金价格将达每盎司5600美元， 白银 价格将达每盎司100美元，澳新银行则表示，由于能源危机将抑制经济增长，黄金价格将升至每盎司6000美元。 不过，高盛对短期前景持谨慎态度。该行分析师表示，黄金是“私人投资者面临流动性需求时的一个天然资金来源——例如，如果股市在利率上升和增长预期走弱的情况下出现抛售”。 高盛估算央行购买量的方法，部分基于对英国贸易数据中资金流动的假设。分析师表示，对该方法进行更新是因为这些数据可能“不再完全反映”相关变化。

上海将加快构建新优势，培育发展新业态，助力开拓新市场，释放进口新潜力。 今年一季度，上海GDP增速超过全国、创下近五年来一季度最快纪录的增速，为“十五五”的经济发展开了好头。 在5月18日举行的“开局起步‘十五五’”上海专场新闻发布会上，上海市委副书记、市长龚正表示，2035年上海要如期基本建成具有世界影响力的社会主义现代化国际大都市，“十五五”时期是乘势而上的全面发力期，也是转型升级的攻坚决胜期。在谋划“十五五”规划过程中，上海以科技创新为引领，以改革开放为动力，以国家重大战略为牵引，以城市治理现代化为保障，细化明确了上海“十五五”发展的主要目标、重大任务、重大项目。 消费贡献率持续提升 在需求侧，上海交出了优于全国的成绩单。一季度，上海社会消费品零售总额同比增长5.5%，走出了一条由负转正的向上曲线，反映出内需改善的趋势。 上海市商务委主任申卫华在上述发布会上表示，今年以来，上海坚持扩大内需战略，以“政策+活动”双轮驱动，有效释放消费潜力，进一步发挥上海作为国际消费中心城市的消费引领和示范带动作用。面向“十五五”，上海将全面落实国家建设强大国内市场、大力提振消费的决策部署，顺应居民消费需求变化，坚持惠民生和促消费紧密结合，深化国际消费中心城市建设，扩大优质消费供给，进一步提升消费对上海经济的贡献率。 申卫华介绍，首先将持续扩大“上海消费”的影响力。包括提升首发经济的活跃度、消费节庆的辨识度、消费环境的舒适度。其次，打造商品消费扩容升级的新样板。比如，培育集聚更多新锐品牌、知名品牌，焕新老字号品牌；扩大新车消费，便利二手车流通交易，培育传统经典车、汽车赛事等新场景，扩大汽车后市场消费；支持居民开展住房装修、局部改造和居家适老化改造，鼓励家电家装领域绿色消费；推动“人工智能+消费”集聚区和场景建设，促进智能机器人、智能穿戴等消费升级。 第三，培育服务消费增长的新动能。不仅要挖掘基本需求类服务消费潜力。鼓励餐饮企业丰富供应、优化服务、创新模式，促进家政服务标准化职业化产业化发展；还要扩大升级类服务消费供给。推动文商旅体展融合发展，培育更多带动性强的文体赛事、文博大展，丰富沉浸式互动体验项目，拓展复合型体验消费空间。 外贸主要做到四个“新” 从今年一季度数据来看，上海的经济发展正从过去的“双轮驱动”逐渐转向“多轮驱动”。 其中，在全国名列前茅的经济外向度，原本让上海在面...

三大电信运营商震荡走高，中国电信涨超5%，中国联通涨近5%，中国移动涨超2%。消息面上，三大运营商齐发Token服务，行业商业化进程提速。

When Sousan Samadani saw a video about soil degradation, she suddenly knew she would commit everything she had to the cause. Soon she was travelling thousands of miles to raise awareness, skydiving, hitchhiking and cycling Sousan Samadani was watching videos on YouTube one day when she came across a post about how the world’s soil was degrading so rapidly that it was in danger of extinction. The video – posted by the Save Soil movement – “was like a shock for me”, Samadani says. “I thought: ‘How is it possible that the soil that gives us food is dying?’” Continue reading...

Aldi Irvan Darmansyah/iStock via Getty Images Performance Review For the three months ending March 31, 2026, the fund's Retail Class shares returned -0.22%, a bit better than the -0.45% result of the benchmark MSCI All Country World Index ex U. S. Small Cap Net MA Linked Index. Importantly, given our focus, long-term performance favors the fund over the benchmark. Like their domestic counterparts, international small-cap equity markets faced an uptick in volatility during the first quarter, especially in March, as the U. S. and Israel proceeded with bombing Iran. However, the fund's benchmark still finished near break-even, primarily because of stronger performance by broad foreign benchmarks in January and February. This was attributable to more attractive valuations and further broadening of global markets beyond the mega-cap U. S. favorites. Among the major regions and countries within the benchmark, Canada (+7%) delivered the best return during the quarter, followed by Japan (+4%). Emerging markets (-1%) finished a little below break-even, while Asia Pacific ex Japan (-2%), Europe ex U. K. (-4%) and the U. K. (-7%) all had larger losses. Looking at sectors, energy (+25%) led the pack by a wide margin, aided by a roughly 50% rise in the price of crude oil, as measured by per-barrel Brent North Sea Crude. The next-best showings came from utilities (+8%) and information technology (+5%), the latter aided by the semiconductors group (+20%), a beneficiary of the ongoing generative AI infrastructure build-out. At the other extreme, consumer discretionary (-9%) recorded the weakest result for the quarter among the 11 MSCI index sectors. Communication services (-8%) and real estate (-6%) also lagged. Turning to the fund, positioning in emerging markets, especially a sizable underweight in India and stock selection in South Korea, notably bolstered the fund's performance versus the MSCI index. Looking at sectors, picks in consumer discretionary, industrials and financial...

tadamichi Asian equities and U.S. stock futures dropped on Monday as escalating Middle East tensions and surging oil prices reignited global inflation fears, while a tech-led selloff intensified ahead of Nvidia’s critical earnings report later this week. Sentiment weakened further after US President Donald Trump warned that “the clock is ticking” for Iran, amid limited progress in diplomatic efforts to de-escalate Middle East tensions. Gold prices traded below $4,550 an ounce on Monday after tumbling nearly 4% last week. Bitcoin ( BTC-USD ) fell to around $76,000 in mid-May, hitting its lowest level in more than two weeks as uncertainty surrounding the US-Iran war weighed on risk appetite. WTI crude futures rose above $107 per barrel. The benchmark KOSPI rose 0.5% to around 7,525 on Monday, recovering part of a sharp selloff in the previous session. Japan's ( NKY:IND ) fell 0.44% to around 61,000, while the broader Topix Index slipped 0.5% to 3,845. The Japanese yen weakened toward 159 per dollar. China's ( SHCOMP ) rose 0.07% to 4,143, while the Shenzhen Component rose 0.3% to 15,610, and the offshore yuan weakened to around 6.81 per dollar as a series of weak economic data weighed on sentiment. China's economy sharply slowed in April 2026 due to the war in Iran, affecting consumer spending and factory output. Retail sales grew only 0.2%, the weakest since late 2022. Factory output slowed to 4.1%, missing estimates. Business investments dropped by 1.6%. Unemployment edged down to 5.2%. The housing market declined, with new home prices falling 3.5%. Hong Kong ( HSI ) fell 1.09% to 25,640, marking the lowest since April 2026. India ( SENSEX ) fell 0.87% to 74,357, marking its lowest since April 6 and extending the previous session’s losses. The Indian rupee hovered near 96.1 per dollar. Australia ( AS51 ) fell 1.34% to 8,547 in early deals on Monday, marking the second session of losses. The Australian dollar depreciated to around $0.71. In the U.S. on Friday, all th...

(RTTNews) - Bitcoin Depot (BTM), a U.S.-based Bitcoin ATM operator, on Monday said it has filed for Chapter 11 bankruptcy protection to facilitate an orderly wind-down of operations and the sale of its assets.

There's a hole in the center of the investment thesis.

Key PointsXRP has struggled over the last year or so.

欧洲贸易商18日透露，韩国大型饲料加工企业集团（MFG）及其合作伙伴嘉吉农业普瑞纳公司（CAPI）已联合发布国际招标公告，计划采购最高7万吨饲用玉米。此次采购的玉米限定产地为南美或南非，预计将于今年9月中旬运抵韩国。 根据招标公告，本次采购采取单船交货方式，交货量在5.5万至7万吨之间，报价提交截止日期为5月19日。招标方为供应商提供了两个备选装船期：若货源来自南美地区，装船期设定为7月中旬至8月上旬；若来自南非，装船期则为7月底至8月中下旬。在报价方式上，采购方要求提供包含成本加运费（C&F）的每吨一口价，或基于芝加哥期货交易所2026年9月玉米合约（CU26）的升水报价。 责任编辑：龙运翔

Insight with Haslinda Amin, a daily news program featuring in-depth, high-profile interviews and analysis to give viewers the complete picture on the stories that matter. The show features prominent leaders spanning the worlds of business, finance, politics and culture. (Source: Bloomberg)

Astera Labs delivers hefty beat-and-raise first-quarter report MSN

Authorities confirmed on Sunday the official results of the first round of the presidential elections in early April, with Keiko Fujimori and Roberto Sánchez advancing to the runoff on June 7. (Image credit: Guadalupe Pardo)

Good morning . A global bond selloff deepens as the deadlock over the Iran war drives oil prices higher. British corporate takeovers are surging. And one hedge fund holds the keys to Ukraine’s wartime industries. Listen to the day’s top stories . Market Snapshot S&P 500 futures 7,390.25 -0.6% Nasdaq 100 futures 29,070.25 -0.6% Euro $1.16 -0.0% WTI crude oil futures $107.44 +1.9% Market data as of 01:48 AM ET. Data is subject to provider delays. A rout in global bonds intensified as the deadlock over the Iran war pushed Brent crude above $111 a barrel and deepened inflation fears . Stocks extended their slide. Donald Trump warned Tehran it was running out of time for a peace deal , with the two sides no closer to an agreement to reopen the Strait of Hormuz. Wes Streeting used his first public appearance since resigning as UK health secretary to make his pitch for a potential leadership bid and called for Britain to return the EU. Andy Burnham, the mayor of Greater Manchester who plans to stand as Labour’s candidate in a June by-election so he can mount a challenge against Keir Starmer, said there was a case for rejoining the bloc . Hedge funds and asset managers piled into bearish sterling option bets last week. The WHO declared the Ebola outbreak in Democratic Republic of Congo and Uganda a public health emergency of international concern, with a rare strain of the virus — for which there is no vaccine — linked to 91 deaths in a spread that may have been undetected for weeks . The lopsided foundations of world growth will command the attention of global finance ministers in Paris in the aftermath of the US-China summit that attempted to reset trade ties between the two biggest economies. The G-7 is being touted by France as a rare forum for Europeans and the US to still have meaningful discussions. Standard Chartered promoted a former banking analyst and critic of the lender , Manus Costello, as its chief financial officer, concluding a months-long search to replace...

(RTTNews) - Life360, Inc. (360.AX, LIFX, LIF) Monday said that its Board of Directors has authorized a multi-year share repurchase program worth $225 million. The program plans to enhance shareholder value by offsetting dilution from stock-based compensation instruments.

Source: Bloomberg, 0:00

dvulikaia/iStock via Getty Images Overview Business development companies continue to face headwinds and the sector has lost much of its appeal. Elevated interest rates increased the risks related to rising non-accruals, compounded by the uncertainty of AI across the software industry. Main Street Capital ( MAIN ) has not been immune to these challenges and the performance has suffered. When I previously covered MAIN, I issued a hold rating due to the large premium valuation at the time. Since then, MAIN's share price has declined by nearly 20% despite its internal strengths. This demonstrates that sentiment can be a large driver by itself and it can overshadow the strengths. Looking at the performance over the last twelve months, we can see that MAIN's share price has declined by about 8.75%. Even when including all distributions paid, the total return still sits at a loss of nearly 2% over the same time frame. However, this sort of performance is quite common across the BDC sector right now. While losses are never enjoyable, I am excited about MAIN's pullback because it introduces an opportunity to accumulate. MAIN now trades near the bottom of its 52-week range and I believe this is finally the opportunity we've been waiting for. It is very hard to get quality at a discount but this is the next best thing. Data by YCharts MAIN recently reported its Q1 earnings to kick off its fiscal year 2026, so I wanted to reassess this BDC to provide some updates on its value proposition, earnings, outlook, and risks for the remainder of the year. Despite the poor performance over the last twelve months, I still believe that MAIN is a standout BDC across the sector. After reviewing some of the highlights of the last earnings report, it is clear that management has continued to position itself for growth, while also rewarding shareholders in the process. I believe that MAIN will be able to efficiently grow its NAV in the future, while also improving the health of its portfolio ...

Robotphoenix Intelligent Technology Chairman Sai Zhang shares insights on the company’s debut on the Hong Kong Stock Exchange, a major milestone for one of China’s leading industrial robotics firms. Zhang also discusses its path to profitability amid elevated investor expectations. He speaks with Yvonne Man and Avril Hong on Bloomberg's The China Show. (Source: Bloomberg)

(RTTNews) - Sohu.com (SOHU) reported a first quarter net loss attributable to Sohu.com of $4 million, compared with net income of $182 million, a year ago. Loss per ADS was $0.17 compared to profit of $6.07. Non-GAAP net loss attributable to Sohu.com was $4 million, compared with

立法會鐵路事宜小組委員會討論提升港鐵設施及乘客體驗，多名議員提出改善建議。 民建聯香港島西議員陳學鋒稱：「會否考慮在南港島綫金鐘站，全面使用雙邊月台上落？」 港鐵公司香港客運服務總監鄺永銓表示：「南港島綫有留意兩個月台的情況，4月10日起逢周五晚、傍晚繁忙時段，列車已經在金鐘站南港島綫月台兩邊使用。我們都會緊密留意情況，看有甚麼可以進一步改善。」 西九新動力九龍西議員梁文廣指出：「南昌站安排，特別B出口，未來有多一間小學，人口也有爆炸式增長，B出口扶手梯上落，何時可以做到類似A出口，有雙向扶手梯？」 港鐵公司車務營運及本地鐵路副總監李婉玲說：「B出口有一條扶手梯和樓梯，有需要的乘客可以用升降機，剛剛翻新了，但因為看過現場環境，封了樓梯、變成電梯，會影響B出口運作，所以要很小心處理。」

"Bloomberg: The Asia Trade" brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Tokyo and Sydney with Shery Ahn and Haidi Stroud-Watts, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. (Source: Bloomberg)

政府希望透過產業帶動北都發展，成為香港經濟新引擎，其中內地車企「紅旗」亦計劃落戶北都。 「國車」紅旗即將駛來香港，更不只開門店賣房車。吉林省政協何緯豐一直推動「紅旗」落戶北部都會區，他手中這款豪華電動車，將來很大機會生產，相信創新研發部分會在香港進行，最快今年香港回歸紀念日前後就有「好消息」。 吉林省政協委員何緯豐表示：「要配合香港的『工業5.0』，裡面有人工智能，亦有數據中心，『人機合一』政府很想加進去，與大學成立產學研中心，我想『紅旗』很想透過香港這地方得以實現。」 「紅旗」曾計劃在中東或東南亞設廠，香港最終有望加入。汽車界相信「香港有份製造」，能協助這國產品牌「出海」。 香港汽車工業學會榮譽會長李耀培說：「香港路窄、人多車多，所有車型、車款來到香港，如果都合適，加上經過國際驗車標準，我們的右軚電動車『出海』容易很多。」 有北都諮詢委員會委員建議新田科技城跟河套接壤，適合「紅旗」落戶。 北都諮詢委員會委員劉國勳稱：「它(紅旗)是龍頭企業，可以帶動產業鏈，造成集群效應。大品牌能落戶北都，相信可以鞏固北都在海外或內地的認受性。」 「紅旗」何時正式落戶北都？負責引進的創新科技及工業局半年前提及「好事多磨」，最新回覆查詢時指「耐心等候」，一有新消息會盡快公布。 不過，本地商界尤其發展商投資北都的意欲，似乎仍未見大動作。三個片區中，暫時得一個開始招標。 地產及建造界議員黃浩明指出：「北部都會區是產業為主的地區，地產只是服務他們，稅務優惠，可能是廉價土地、可能是其他方面的，這些是政府政策做的，不是只靠市場幫手。就著我們叫他們來，幫助他們建好廠房，他們都要覺得有用，及認為香港是值得留下的地方，才會留下來。我們是繼續找不同企業商討中。」 被問到對方來港意願、興趣是否濃厚，黃浩明回應：「有，但就比較慢熱一點。」 北部都會區統籌辦事處主任蘇惠思說：「產業發展其實離不開其他配套，(例如)亦要有住宅的配合，人需要住，人才都需要住，大家是一起並行做。當大家逐漸見到有些項目推出來時，一個項目很多時會帶動很多其他項目，我們現在要做的，就是將這些項目盡快推出來。」 她指之前就片區收到19份意向書，形容反應熱烈。

政府希望透過產業帶動北都發展，成為香港經濟新引擎，其中內地車企「紅旗」亦計劃落戶北都。 「國車」紅旗即將駛來香港，更不只開門店賣房車。吉林省政協何緯豐一直推動「紅旗」落戶北部都會區，他手中這款豪華電動車，將來很大機會生產，相信創新研發部分會在香港進行，最快今年香港回歸紀念日前後就有「好消息」。 吉林省政協委員何緯豐表示：「要配合香港的『工業5.0』，裡面有人工智能，亦有數據中心，『人機合一』政府很想加進去，與大學成立產學研中心，我想『紅旗』很想透過香港這地方得以實現。」 「紅旗」曾計劃在中東或東南亞設廠，香港最終有望加入。汽車界相信「香港有份製造」，能協助這國產品牌「出海」。 香港汽車工業學會榮譽會長李耀培說：「香港路窄、人多車多，所有車型、車款來到香港，如果都合適，加上經過國際驗車標準，我們的右軚電動車『出海』容易很多。」 有北都諮詢委員會委員建議新田科技城跟河套接壤，適合「紅旗」落戶。 北都諮詢委員會委員劉國勳稱：「它(紅旗)是龍頭企業，可以帶動產業鏈，造成集群效應。大品牌能落戶北都，相信可以鞏固北都在海外或內地的認受性。」 「紅旗」何時正式落戶北都？負責引進的創新科技及工業局半年前提及「好事多磨」，最新回覆查詢時指「耐心等候」，一有新消息會盡快公布。 不過，本地商界尤其發展商投資北都的意欲，似乎仍未見大動作。三個片區中，暫時得一個開始招標。 地產及建造界議員黃浩明指出：「北部都會區是產業為主的地區，地產只是服務他們，稅務優惠，可能是廉價土地、可能是其他方面的，這些是政府政策做的，不是只靠市場幫手。就著我們叫他們來，幫助他們建好廠房，他們都要覺得有用，及認為香港是值得留下的地方，才會留下來。我們是繼續找不同企業商討中。」 被問到對方來港意願、興趣是否濃厚，黃浩明回應：「有，但就比較慢熱一點。」 北部都會區統籌辦事處主任蘇惠思說：「產業發展其實離不開其他配套，(例如)亦要有住宅的配合，人需要住，人才都需要住，大家是一起並行做。當大家逐漸見到有些項目推出來時，一個項目很多時會帶動很多其他項目，我們現在要做的，就是將這些項目盡快推出來。」 她指之前就片區收到19份意向書，形容反應熱烈。

BNP Paribas APAC Deputy Head of Global Markets Brian McCappin says clients are repositioning their portfolio to focus more on artificial intelligence beneficiaries, driving the outperformance of North Asia markets. He speaks with Yvonne Man and Avril Hong from the sidelines of the BNP Paribas Global EV and Mobility Conference. (Source: Bloomberg)

meshaphoto/iStock via Getty Images PIMCO Enhanced Short Maturity Active Exch Tr ETF ( MINT ), also known by its ticker, as MINT, is assessed in this article. PIMCO structured MINT to provide allocators with a blend of daily liquidity, capital preservation, and income. I assessed the ETF's liquidity dynamics while considering its preservation and income in tandem, where I arrived at the following conclusion: MINT doesn't deliver an all-weather solution to liquidity. However, the vehicle can be used to harvest a liquidity premium and yield-on-cost can be stellar if we harvest liquidity as opposed to relying on it. Let's traverse into the main analysis, where I elaborate on my central statement. What Is MINT ETF Exactly? In PIMCO's own words , MINT: is an actively managed exchange-traded fund (ETF) that seeks maximum current income, consistent with preservation of capital and daily liquidity. MINT will primarily invest in short duration investment grade debt securities. Futures are allowed in the Fund. The average portfolio duration of MINT will vary based on PIMCO’s economic forecasts and active investment process decisions, and will not normally exceed one year. MINT will disclose all portfolio holdings on a daily basis, and will not use options or swaps. Heuristically, the direct quote means that PIMCO engages in the repo lending/borrowing market and allocates cross-sector in fixed-income products with maturities less than one year. It is mandated to use various linear derivatives to achieve its exposure and manage risk. Although it invests internationally, its exposure remains USD-based. The following figure provides quantifies the qualitative factors mentioned in this sub-section – note that sector exposure and duration figures aren't static. Click on Image To Enlarge (PIMCO) As previously mentioned, the ETF holds international exposure, but it still relies on USD-denominated exposure. Moreover, over 50% of the vehicle is concentrated in the USA. I'd also highligh...

5月18日，在2026清华五道口全球金融论坛上，浦发银行行长谢伟表示，商业银行应加快构建企业级的AI平台和大模型体系，在智能风控、智能客服、智能投顾、智能审批等领域实现规模化的应用，推动由经验驱动向数智驱动的根本改变。（人民财讯）